XML 48 R32.htm IDEA: XBRL DOCUMENT v3.19.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

For financial reporting purposes, income before taxes includes the following components (in thousands):

	Years ended December 31,
	2018				2017				2016
Domestic	$	(7,897	)		$	(3,552	)		$	(5,285	)
Foreign	41,886				24,115				14,892
	$	33,989			$	20,563			$	9,607

Schedule of Components of Income Tax Expense (Benefit)

The expense (benefit) for income taxes is comprised of (in thousands):

	Years ended December 31,
	2018				2017				2016
Current:
Federal	$	189			$	(425	)		$	(18	)
State and local	162				89				30
Foreign	8,982				4,615				2,886
	9,333				4,279				2,898
Deferred:
Federal	197				(257		)		(1,176		)
State and local	(35		)		(1		)		(9		)
Foreign	849				2,148				1,486
	1,011				1,890				301
Total income tax expense	$	10,344			$	6,169			$	3,199

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense (benefit) at the U.S. federal statutory income tax rate to the actual income tax provision is as follows (in thousands):

	Years ended December 31,
	2018				2017				2016
Tax at statutory rate	$	7,138			$	7,197			$	3,362
State income taxes, net of U.S. federal tax benefit	89				93				(15		)
Effect of foreign operations	611				(1,137		)		(1,418		)
Change in valuation allowance	498				(397		)		1,266
Change in unrecognized tax benefits, net	258				105				(899		)
Impairment of goodwill	525				—				—
Specialty tax credits	(295		)		(139		)		(78		)
Statutory rate changes	272				(470		)		(180		)
Effect of foreign exchange	321				(1,292		)		88
Prior period deferred tax adjustments	—				—				817
2017 Tax Act:
Effects of U.S. tax reform	(135		)		11,311				—
Change in valuation allowance	945				(9,093		)		—
Other	117				(9		)		256
Total income tax expense	$	10,344			$	6,169			$	3,199

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2018				2017
Deferred tax assets:
Pension and other postretirement costs	$	3,600			$	4,295
Inventories	2,103				1,800
Net operating/capital loss carryforwards	9,536				9,523
Tax credit carryforwards	748				—
Deferred compensation	2,009				2,142
Other accruals and reserves	3,547				3,192
Book over tax depreciation	12				—
Total gross deferred tax assets	21,555				20,952
Less: valuation allowance	(14,455		)		(12,434		)
	7,100				8,518
Deferred tax liabilities:
Tax over book depreciation	—				(125		)
Investment in subsidiary	(1,983		)		(2,214		)
Intangible assets, including tax deductible goodwill	(884		)		(713		)
Total gross deferred tax liabilities	(2,867		)		(3,052		)
Net deferred tax assets	$	4,233			$	5,466

Summary of Valuation Allowance

Significant valuation allowances are as follows (in thousands):

	December 31,
Jurisdiction	2018				2017
U.S. federal	$	4,240			$	3,040
U.S. state (net of U.S. federal tax benefit)	8,057				7,092
Israel - capital losses	1,457				1,622

Summary of Operating Loss Carryforwards

The following table summarizes significant net operating losses and credit carryforwards as of December 31, 2018 (in thousands):

	December 31,
Jurisdiction	2018			Expiring
U.S. foreign tax credit	748			2024-2028
U.S state net operating losses	85,137			2022-2038
Israel net operating losses	3,202			No expiration

Summary of Income Tax Contingencies

The following table summarizes changes in the Company's gross liabilities, excluding interest and penalties, associated with unrecognized tax benefits (in thousands):

	December 31,
	2018				2017				2016
Balance at beginning of year	$	823			$	772			$	1,506
Addition based on tax positions related to current year	189				163				63
Addition based on tax positions related to prior years	182				—				66
Reduction based on tax positions related to prior years	(98		)		(12		)		—
Addition related to acquired company	—				—				297
Currency translation adjustments	(28		)		14				16
Reduction for settled tax examinations	—				—				(906		)
Reduction for lapses of statute of limitations	(156		)		(114		)		(270		)
Balance before indemnification receivable	912				823				772
Receivable from Vishay Intertechnology for indemnification	—				(12		)		(57		)
Balance at end of year	$	912			$	811			$	715

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32559-109319

+ Details

Name:	us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration